Tools to keep projects on the rails - The completion of projects on time and to budget often seems an elusive goal, but success rates can be improved with the application of risk management techniques

• Main Author: DE REYCK, Bert
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2005
• Subjects: Business Administration, Management, and Operations; Management Information Systems
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/6774; https://ink.library.smu.edu.sg/context/lkcsb_research/article/7775/viewcontent/Factiva__1_.pdf
• Institution: Singapore Management University

In 2004 the Standish group, a research company that produces annual reports on IT projects carried out in the US, reported that only 29 per cent of these projects were considered a success, with the vast majority running over time and over budget. Cost overruns averaged 56 per cent of original budgets, and projects took on average 84 per cent longer than originally anticipated. Anecdotal evidence suggests that things are not much better elsewhere. The construction of the new Wembley Stadium in London is two months behind schedule and Pounds 45m over budget. And the West Coast Mainline project, which will introduce high-speed train travel between London and Glasgow, was originally a Pounds 2.1bn project, but has seen costs increase to over Pounds 13bn. Completion has been delayed by three years and compromises in speed and technology have occurred.